Christoper Joye, reporting for Livewire:
So there is good news and bad news. The bad news is that national house prices are falling at a record 14% annual rate based on the last three months of data from CoreLogic, with a total draw-down of 7.4% since the 5 capital city index’s May 2022 high watermark. And this is before a veritable tsunami of $500 billion worth of fixed-rate home loans see their interest rates more than double from 2.0% to 2.25% to 5-6% as they switch back to variable-rate next year. Our forecast for a record Aussie house price correction of 15-25%, which we published in October last year, remains unchanged.Christoper Joye
The good news, the pace of house price declines are beginning to slow down, but still remain negative.